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Walton Street Capital funds $44M refinance for 248-unit Harlow in Wesley Chapel
The three-year floating-rate loan refinances a prior construction loan on the 2024-built property, which was 98 percent occupied when the debt was underwritten.
A joint venture between Mast Capital and Rockpoint has secured a $44 million loan to refinance the newly completed Harlow apartment community in Wesley Chapel, Florida, Commercial Observer reports.
Walton Street Capital provided the three-year, floating-rate financing for the sponsorship’s 248-unit property. Berkadia arranged the transaction, and the refinance was intended to retire the project’s earlier construction debt while giving the borrower flexibility to pursue a sale or permanent financing in coming years.
Berkadia said the Harlow offered an attractive financing opportunity due to the sponsorship’s strength, the quality of the newly built asset, and its strong operating performance. Berkadia also pointed to benefits in the Wesley Chapel submarket, including strong population growth and significant investment in retail, health care, and infrastructure.
The 2024-built Harlow is located at 5301 Bruce B Downs Boulevard, about 23 miles north of downtown Tampa, and sits roughly half a mile from BayCare Hospital Wesley Chapel, which opened in 2023. At the time of the loan, the community was 98 percent occupied, offering a mix of one-, two-, and three-bedroom units, with amenities that include a pool, fitness center, walking trail, electronic vehicle charging stations, and coworking spaces.